Crude Oil WTI Futures Market News and Commentary
July WTI crude oil (CLN21) on Wednesday closed up +0.03 (+0.04%), and July RBOB gasoline (RBN21) closed down -1.43 (-0.66%).
July crude oil and gasoline prices on Wednesday settled mixed, with crude at a new 2-1/2 year high. Crude prices gained Wednesday on the outlook for global oil supplies to tighten as the pandemic eases and energy demand rises as more economies reopen. Energy prices fell back from their best levels Wednesday on a mixed EIA inventory report and after the dollar index rallied to a 1-1/4 month high on a hawkish Fed.
Crude oil prices have support from doubts about efforts to finalize a nuclear deal with Iran. Iran's foreign ministry on Monday said that there was "very little time left" for world powers to resolve outstanding differences to revive the 2015 nuclear deal. As long as the nuclear talks drag on, sanctions on Iranian crude oil exports will remain in place and keep Iranian crude off the global market.
Wednesday's global economic data... Read more